Thank you for your question
You're correct. You will put this on form 8949 as a capital gain carryover
and I can use the cost column to further reduce the gain, right?
correct.....but give me just a second here, ok?
I wanted to check 1 thing
Ok....we both have the theory correct...........but you actually don't use Form 8949
You will go directly to Sch D
If its a short term loss carryover you enter it on line 5 of Sch D
and if its a long term you put it on line 12
As soon as I agreed that you would enter these on 8949, I remembered that they need to go directly to Sch D
One of the few times you don't need to use Form 8949
Those lines pertain to like kind exchanges. I'm thinking line 10, and reduce my gain right there. This is a 1065 schedule D we're talking about.
line 12 from Sch D
Net long-term gain or (loss) from partnerships, S corporations, estates, and trusts from Schedule(s) K-1
That's Line 12 on a 1040 schedule D. line 13 on a 1065 schedule D. But that doesn't let me reduce the gain by the second partnership's basis. It wouldn't match the K1. There are some that believe this is a basis issue, but if you just increased basis every time you sold part of your land, you'd end up with a huge basis and nothing left to sell when you sold your P'ship interest. That seems nuts to me.
give me a second to read & digest this, ok?
What letter code is next to the line 13 of the K1
Line 9a on the K1.
ok...........where do you see "like kind exchange"
On the K1?
the Sch D?
I'm just trying to get on the same page with you
Form 8824 is like kind exchange, lines 5 and 12 on a 1065 schedule D. Partner instructions say to enter the amount from a 1065 K1, line 9a on line 12, schedule D-but that is a D for a 1040. The same as Line 13 on a schedule D for a 1065. But that is just a dollar amt. I would match that with line 9a of the k1. But I would rather enter it on an 8949 or straight on a D line 10, and put in cost basis to reduce the gain. Makes sense to me, but I'm not the IRS.
Did my reply not go?
must not have......the chat rooms often have little "glitches" but I have it now...........so let me read it now
Ok, I'm with you.........but I want to do some quick checking before I answer this. Can you hang a minute?
Ok..........I'm with you now
(haven't had first cup of coffee....so I was a little slow this morning, forgive me)
You are correct
None that I can find
You will have to have a blueprint for each K1 for the IRS
so that they can follow you
Maybe I just beat a dead horse to death.
I'm thinking it would have been combined on the Sch E anyway
Yea, ultimately, if ended up on a 1040. It will end up on a 1120. I'm just a little paranoid about the IRS.
You're most welcome
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